Growing up, DSis and I would find our presents all set out, unwrapped, on the sofa so there wasn't much in the way of actual present opening when I was a kid and our parents would still be lying in bed long after we had started playing with our new toys.
For several years now DH and I have the kids bring their stockings into our room and we watch them look through them, before we all go downstairs together and everyone takes a turn opening a present. I'd say I much prefer this to my own experience growing up.
What does everyone else do, I'd love to hear what your traditions are (if you have any - a paper ripping frenzy is possibly a tradition of sorts too!)